Overall, the budget proposes $24.2 billion in new tax incentives through 2003, offset by $105.6 billion in new revenues. The revenues are chiefly the $65.5 billion the administration expects to receive from the tobacco litigation settlement and $23 billion in tax increases on corporations.

The biggest item is a proposed expansion of the child-care tax credit and employer-provided child-care expenses that would cost $5.6 billion over five years.

The plan would expand the existing tax credit for child-care expenses for children under age 13.

The maximum child and dependent tax credit would rise from 30 percent to 50 percent of qualified expenses; taxpayers making $30,000 or less would qualify for the maximum credit, which would phase down to a 20 percent credit for those making $59,000 or more.

Also proposed are tax credits aimed at offsetting an employer's expense of providing child care at the workplace.

On the environment, the budget proposes a maximum $4,000 tax credit for the purchases of the next generation of highly fuel-efficient vehicles, available after Dec. 31, 2002, for vehicles whose fuel economy is triple that of similar vehicles.

A $3,000 credit, available after 2000, is proposed for vehicles with twice the fuel economy of similar vehicles.

Other initiatives range from a maximum $2,000 tax credit for purchasing an energy-efficient home, as well as credits for efficient heaters and air conditioners, to equalizing tax treatment for parking and mass-transit benefits.

Total cost of the environmental proposals is $3.6 billion over five years.

To pay for all of this, the Clinton administration is proposing 48 new or renewed tax increases on the tobacco industry, insurance companies and Wall Street.

The budget would raise $7.9 billion from the insurance industry, chiefly by modifying reserve rules for annuity contracts, a popular retirement investment product, and modifying the deductions for corporate-owned life insurance.

Insurance interests are expected to draw on their Republican political ties to fight these proposals, analysts said.

"In the past, the insurance industry has had some strong supporters on the House Ways and Means Committee," said Thomas Ochsenschlager, tax partner with the accounting firm Grant Thornton LLP.

Republicans' disappointment with the budget was summarized by House Speaker Newt Gingrich, R-Ga.

"This is a budget only a liberal could love," Gingrich said.

According to the Treasury Department, about 45 percent of the corporate tax increases had been proposed previously and failed in Congress.

The other proposals to raise new tax revenue come from a variety of sources, ranging from real estate investment trusts, a type of corporation that receives tax breaks for holding real estate, to modifying arcane business tax deductions.

The plan also contains other previously announced tax incentives: $6.0 billion for school construction and expansion of employer provided education assistance; $1.6 billion for increasing the low-income housing tax credit; and $3.4 billion for extending a variety of expiring tax credits for research and worker training.